288,000 Non-farm Jobs Added In April; Unemployment Level Drops to 6.3 Percent

briThe Department of Labor reported today that the U.S. economy added 288,000 non-farm payroll jobs in April while the U.S. unemployment level dropped by 0.4 percentage points to 6.3 percent.

Consensus estimates were expecting non-farm payroll gains in the 210,000 range and the unemployment rate dropping to 6.6 percent.

February’s non-farm payroll number was revised higher from 197,000 to 222,000, and March saw a revision from 192,000 to
203,000.

Total revisions for February and March were 36,000 higher than previously reported.

The average workweek for all employees on private nonfarm payrolls remained unchanged at 34.5 hours in April.

The U.S. labor-force participation rate dropped to 62.8 percent in April from 63.2 percent in March. The participation rate is currently the same as it was in October.

The Department of Labor reported that job growth averaged 190,000 per month over the prior 12 months.

Average hourly earnings for all employees on private nonfarm payrolls were unchanged at $24.31.During the past 12 months, average hourly earnings have increased 1.9 percent.

Professional and business services added 75,000 jobs in April while retail trade employment rose by 35,000.

Construction jobs expanded by 32,000, with job growth most notable in heavy and civil engineering construction (11,000) and residential building (7,000).

Health care employment saw gains of 19,000 in April which is close to the 12-month average gain of 17,000 per month.

Mining added 10,000 jobs in April.

-Johnathan Schweitzer

 

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